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Helen of Troy Limited reported record first quarter net sales revenue and record first quarter net income for the quarter ended May 31, 2010.
First quarter net sales revenue was $160,153,000 versus net sales revenue of $143,873,000 in the same period of the prior year, an increase of 11.3%. First quarter net sales revenue in the personal care segment increased 10.9% to $112,228,000 compared to $101,185,000 for the same period last year. Operating income in the personal care segment, before impairment charges of $501,000 in the current quarter, was $13,583,000 compared to $10,593,000 in the prior quarter, an increase of 28.2%, due primarily to the recent successful acquisitions of the Infusium 23, Pert Plus and Sure brands.
Gerald J. Rubin, chairman, CEO and president, commenting on the company's first quarter results, stated, "We continue to execute well across all of our market segments. During the first quarter, our net sales revenue and net income increased in both our housewares and personal care segments. We are pleased that we were able to deliver record net income for the first quarter in an uncertain sales environment.
"As of May 31, 2010, Helen of Troy's balance sheet remained strong, with cash and cash equivalents of $47,604,000, working capital of $214,408,000, and shareholders' equity of $606,325,000.
"We are firmly committed to executing our strategic plan for fiscal year 2011, even as the economic environment remains challenging. The major components of our strategic plan include the following: